Lakeside Closing Service, LLC

Legal Terms

Tax Information

Any seller(s) receiving $600 or more at the closing will be issued an IRS
1099. All non-U.S. resident(s) selling real property within the U.S. will be
charged a 10% tax by the U.S. IRS at the time of closing. All non-Hawaii
residents selling real property in Hawaii will be subject to a 5% tax by the
state of Hawaii. When selling your property at a loss you can apply for a
refund from the State of Hawaii or the U.S. IRS after the close of escrow. This can be discussed with a tax advisor.

Tenancy by the Entirety

Tenancy created between husband and wife, by which together
they hold title to the whole with right of survivorship. Upon death of
either party, the surviving spouse takes whole to exclusion of deceased heirs.

Joint Tenancy

Joint tenancy is the right of
survivorship. Should one of the joint tenants dies, their interest passes to the surviving party.

Transferring Title

This is the documentation used to transfer real property from one party to another using
a Quitclaim or Warranty deed.

Quitclaim Deed

This deed transfer does not
warranty or guarantee a clear title by the grantor.

Warranty Deed

This deed provides clear title to the property and is conveying the property free of all
judgments, tax liens or assessment liens

Escrow

A secured account used to hold funds until timeshare has been recorded and transferred to new owner.

Grantor

Person(s) who grants possession or title by a deed.

Grantee

Person(s) who receives possession or title by a deed.

Right of First Refusal (ROFR)

The legal right a resort has to buy back or assume
ownership of a timeshare property if selling price is below a certain dollar amount. A resort must be notified of
resale price before the ownership can be transferred to an outside source. The
resort can purchase the property back at the sales price, or
it will be waived, allowing the new owner to assume title. Not every resort has the Right of First Refusal.

Right To Use

Ownership that can revert back to the developer
after a stated period of time.